Housing market 'to remain subdued'

rooftopsA "generational divide" in the property market is likely to cause further subdued sales this year, with young people unable to buy and older home owners unwilling to sell, a study has found.

One in 10 Britons would consider moving home or trying to get on the housing ladder in the next six months, the HSBC Moving Home Survey said.
The study found that older people in households which planned to stay put were more likely to be content with their current property, whereas younger people were finding themselves unable to move because of concerns relating to the weak economy.

Of those who were not looking to move, 61% of people aged 55 and over said it was because they were happy in their home compared with just 28% of those aged 34 and under.

Younger people who were not planning to buy or sell a property tended to say this was because they did not have a big enough deposit, they were concerned about not getting a mortgage or they were worried about job prospects.

Older people who wanted to move tended to be doing so to downsize and release equity.

Peter Dockar, HSBC head of mortgages, said: "Our research suggests that the current economic climate is of particular concern to younger people who either want to get on the housing ladder or move on to a larger property."

The housing market looks set to be busier for Londoners, where 18% of people are thinking of buying or selling property in the next six months, compared with 12% nationally.

The study questioned more than 2,000 adults about their home buying and selling intentions over the next six months.

© 2012 Press Association
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